AFRICAN ENERGY RESOURCES LIMITED

African Energy Resources Limited announce the completion of an initial resource estimate for the Njame South uranium deposit, within the company’s Chirundu Joint Venture Project, Zambia. A total Inferred Resource of 4.4 Mt @ 237 ppm U3O8 has been estimated for the Njame South deposit. This new resource brings the total combined resources at the Chirundu Joint Venture to 11 Mlb U3O8. Based on current Bankable Feasibility Study (BFS) parameters, the Njame South resource will increase the proposed mine life by approximately two years and is expected to have a materially positive impact on the project economics.